Cubic buys IoT company for $235m | Smart Highways Magazine: Industry News

Cubic buys IoT company for $235m

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Cubic Transportation Systems is buying Advanced Traffic Solutions Inc, known as “Trafficware”, which provides a fully integrated suite of mobility and safety software, Internet of Things devices and hardware solutions.

“As a company driving innovation in the traffic industry, Trafficware builds traffic management infrastructure for the next-generation of Smart Cities,” Cubic explains in a statement adding that Trafficware currently has the fastest-growing central management system in the transportation industry as well as adaptive traffic control technology; and most recently, Trafficware designed applications for the latest in Connected Vehicle technology for traffic signal systems.

“Trafficware’s intelligent, data-rich intersection management technology, combined with Cubic’s existing transportation capabilities, will enhance our ability to offer compelling solutions to reduce urban congestion. This technology-driven acquisition of a leader in the transportation industry fits perfectly with our strategy to lead next?generation intelligent traffic solutions that enable smart cars through smart infrastructure,” said Bradley H Feldmann, chairman, president and chief executive officer of Cubic Corporation. “We welcome the Trafficware team to the Cubic family and are excited to add this growing intelligent transportation systems business to our portfolio.”

“This acquisition will strengthen Cubic’s NextCity strategy to solve the challenges of urban congestion through best-in-class solutions that optimise the use of transportation infrastructure and improve mobility for travellers,” said Matt Cole, president of CTS. “I look forward to realising the synergies and benefits this acquisition will bring as we work with Trafficware’s strong management team to further develop Trafficware’s leading portfolio of solutions, integrate it with the Operations and Analytics pillar of our strategy, and give customers the benefits of Cubic’s broader solution portfolio.”

“As we continue to grow market share and move into larger agencies in the US and abroad, Trafficware has faced the needs of multi-modal transportation. With Cubic’s leadership, particularly in transit, around the globe, we see many synergies with Cubic as we continue to aggressively grow our traffic management business organically and through acquisition,” said Jon Newhard, chief executive officer of Trafficware. “We are excited about joining Cubic as it is encouraging to be part of a company that shares our culture for innovation and absolute customer focus as well as our vision for building Smart Cities around the globe.”

Cubic is paying approximately $235.7 million in cash.

 
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